Dominica’s new revenue measures
Wed, July 18, 2012 - 9:00 AM
ROSEAU, Dominica, July 17 - The Dominica government yesterday presented an EC$437.6 million (US$162 million) budget to Parliament with Prime Minister Roosevelt Skerrit announcing revenue measures he said were necessary to help the island deal with the impact of the global economic and financial crisis.
The Recurrent Revenue is estimated at EC$369.8 million (One EC Dollar =US$0.37 cents), while Recurrent Expenditure is put at EC$322.8 million projecting a current account surplus of EC$47.0 million for 2012-13 fiscal period.
Skerrit, who is also the Finance Minister, said the primary balance is projected to be -$4.5 million or -0.01 percent of estimated gross domestic product (GDP) for 2012/13.
“While this figure is less than the desired ratio of 2.4 per cent of GDP, it represents a positive adjustment, from the projected outturn for 2011/12. In addition, the next two years of the budget framework indicates further adjustment that, other things being equal, will see the primary balance return to the targeted ratio,” he told legislators.
He said the new tax increases were also intended to deal with increasing administrative costs of some services “many of which have benefitted from improvements in recent times”.
He said the government is also intent on introducing legislation which will have the effect of reducing smoking in public places as he announced that the import duty rate applied to tobacco would increase from 45 to 75 per cent.
He said the new Caribbean Community (CARICOM) passports which were made available to citizens at the price of the ‘old’ passports would now be increased by an average 75 per cent. (CMC)
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